The Securities and Exchange Board of India (SEBI) has cancelled the registration of Karvy Stock Broking Ltd (KSBL) for misusing clients’ funds and securities. SEBI found that Karvy transferred funds from clients’ accounts to its own accounts and then to its group companies. The firm also raised funds by pledging clients’ securities and failed to settle clients’ funds and securities. Karvy has been declared a defaulter and expelled from the Bombay and National stock exchanges. SEBI previously barred Karvy and its promoter Comandur Parthasarathy from the securities market and imposed a penalty of Rs 21 crore ($2.8 million) for misappropriating client funds by misusing the Power of Attorney given to it.
Sebi revokes Karvy Stock Broking’s registration for misusing clients’ funds
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